Afrinvest Stock Recommendation for the Week 070920

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Monday, September 07, 2020 / 12:27 PM / By Afrinvest Research / Header Image Credit: Afrinvest 

 

Market Last Week (Our Observations)

  • The equities market recorded successive gains last week as the All-Share Index appreciated 1.2% w/w to settle at 25,605.64 points. Consequently, market capitalisation rose N154.4bn w/w to close at N13.4tn while YTD loss improved to -4.6%.
  • Sector performance was majorly impressive following gains across all indices under our coverage w/w. The Oil & Gas and Banking indices led gainers, up 3.7% and 2.8% w/w, trailed by the Insurance and Consumer Goods indices, appreciating 2.0% and 1.5% w/w respectively. Lastly, the AFR-ICT and Industrial Goods indices appreciated 1.5% and 0.5% w/w in that order.
  • ROYALEX (+26.9%), CORNERSTONE (+17.9%) and UNIONDAC (+12.5%) led the top gainers while LASACO (-16.1%), TRIPPLEG (-12.0%) and ACADEMY (-10.0%) led the decliners.

Market This Week (Our Expectations) 

  • The Afrinvest Weekly Sentiment Indicator improved to 2.1x from the 1.4x recorded in the previous week.
  • While we expect the soft gains in the domestic market to be sustained, we note that investors are likely to pocket gains. Also, the resumption of FX sales could provide foreign investors a long-waited opportunity to sell their stakes and limit exposure. Thus, we anticipate a mixed performance this week.

Proshare Nigeria Pvt. Ltd.  

 

Proshare Nigeria Pvt. Ltd.

  • NB: Rate on N100M and above are negotiable and all rates are valid ONLY for fund received on/before 7th September 2020.


Proshare Nigeria Pvt. Ltd.


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